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Arab News
7 hours ago
- Business
- Arab News
Pakistan unveils draft tariff policy to drive export-led growth
ISLAMABAD: Pakistan on Wednesday unveiled a draft National Tariff Policy 2025-30 at a regulatory reforms conference, aiming to shift the country toward an export-led growth model by overhauling its trade tariff structure to boost industrial productivity, investment and competitiveness. The event was organized by the Board of Investment (BoI), and attended by senior government officials, diplomats and private sector representatives. The policy sets out sweeping reforms, including the phasing out of Additional Customs Duties (ACDs) within four years, elimination of Regulatory Duties (RDs) and the 5th Schedule within five years, and the creation of a simplified four-tier Customs Duty structure of 0 percent, 5 percent, 10 percent and 15 percent. Key sectors expected to benefit include textiles, engineering, pharmaceuticals and information technology, with the policy designed to lower production costs and attract businesses. 'The National Tariff Policy 2025-30 is designed to create a predictable, transparent and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, at the conference. 'By facilitating duty-free access to raw materials, phasing out ACDs and RDs and supporting nascent and green industries, this policy paves the way for innovation, employment generation and sustained economic growth.' Afzal said implementation will begin with tariff reductions on approximately 7,000 tariff lines, mainly raw materials and intermediate goods, expected to deliver an estimated Rs200 billion ($700 million) in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally and shift toward higher value-added exports,' he added. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity and enhanced investor confidence.' According to an official statement issued by the BoI, the participants lauded the government's efforts to streamline regulation and modernize trade facilitation, calling the draft policy a significant step toward Pakistan's long-term economic transformation.
Business Recorder
11 hours ago
- Business
- Business Recorder
Pakistan reveals National Tariff Policy draft, aims to eliminate RDs, ACDs in 5 years
The federal government has unveiled the draft for the National Tariff Policy (NTP) 2025–30 at the Regulatory Reforms Conference on Wednesday. The conference, organised by the Board of Investment (BoI), aimed at advancing regulatory simplification and industrial competitiveness, bringing together federal ministers, diplomats, and private sector representatives for a strategic dialogue on Pakistan's economic direction. 'The National Tariff Policy 2025–30 is designed to create a predictable, transparent, and investment-friendly tariff structure,' said Rana Ihsaan Afzal, Coordinator to the Prime Minister on Commerce, read a statement released by the Ministry of Commerce. Afzal underscored the government's strong commitment to rationalising Pakistan's tariff regime, simplifying business processes, and fostering export-led growth. National Tariff Policy: govt approves phased elimination of import duties 'By facilitating duty-free access to raw materials, phasing out Additional Customs Duties (ACDs) and Regulatory Duties (RDs), and supporting nascent and green industries, this policy paves the way for innovation, employment generation, and sustained economic growth,' he added. The NTP 2025–30 outlines ambitious reform goals, including the phasing out of ACDs in four years, elimination of RDs and the 5th Schedule within five years, and the establishment of a simplified four-slab Customs Duty structure (0%, 5%, 10%, 15%). The ministry says that the policy aims to benefit key sectors, including textiles, engineering, pharmaceuticals, and IT, while encouraging investment and reducing production costs across the board. Afzal highlighted that the implementation will begin with the reduction of tariffs on approximately 7,000 tariff lines, largely focused on raw materials and intermediate goods, yielding an estimated Rs200 billion in benefits to trade and industry. 'These reforms will enable Pakistan's industries to scale, compete globally, and shift towards higher value-added exports,' he said. 'With these changes, we anticipate not just stronger GDP growth, but also increased employment, improved industrial productivity, and enhanced investor confidence.' The conference was also attended by Federal Minister for Industries and Production Haroon Akhtar, Federal Minister for the Board of Investment Qaiser Ahmed Sheikh, senior officials, diplomats, and leading figures from the private sector.
